Question

Balance on a 20,000 deposit earning 3.5% compounded quarterly after 10 years

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$20000\\ r=rate\to 3.5\%\to (3.5)/(100)\dotfill &0.035\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &10 \end{cases}`

`A=20000\left(1+(0.035)/(4)\right)^(4\cdot 10)\implies A=20000(1.00875)^(40)\implies A\approx 28338.18`